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2020 Q2 Investment Letter - (Compass Principles)

June 30, 2020in Investment Letters0by YCG Team

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2020 Q2 Investment Letter - (Compass Principles)

The S&P 500 Index returned 20.54% and the S&P Global Broad Market Index returned 19.95% in the quarter ended June 30, 2020.1 In many of our past letters, we’ve picked a specific company and written a deep dive on it, with the hope that you’ll better understand one of the businesses that you own as …

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2019 Q1 - Investment Letter (Our Investment Strategy)

March 31, 2019in Investment Letters0by YCG Team

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2019 Q1 - Investment Letter (Our Investment Strategy)

The S&P 500 Index returned 13.65% in the quarter ended March 31, 2019.[1] In our last letter, we noted the 13.52% decline in the S&P 500 that occurred during the fourth quarter of 2018. We then discussed the pain and discomfort many people experience as a result of these types of declines. As an antidote …

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June 30, 2018in Investment Letters0by YCG Team

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2018 Q2 - Investment Letter (Process)

The S&P 500 Index returned 3.43% in the quarter ended June 30, 2018.[1] We believe an investor who aspires to achieve attractive risk-adjusted returns must first identify at least one exploitable and persistent investment mispricing. In our case, as we’ve discussed in past letters, we believe we’ve identified two: 1) a great business mispricing that …

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2017 Q1 - Investment Letter (Estee Lauder)

March 31, 2017in Investment Letters0by YCG Team

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2017 Q1 - Investment Letter (Estee Lauder)

During the first quarter, the S&P 500 index posted a 6.07% return, adding three more months and substantial additional gains to what is already one of the longest and most profitable bull markets in history.[1],[2] Since bottoming roughly eight years ago at 666, the S&P 500 has, almost without interruption, climbed to 2,363, a stellar …

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June 30, 2016in Investment Letters0by YCG Team

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2016 Q2 - Investment Letter (Nike)

Only halfway through the year and what a perplexing ride this has been! Only a few short months ago, we were writing about the markets plunging 10% over anxiety of a Chinese devaluation, only to then rebound shortly thereafter. In even quicker fashion, markets apparently discounted the odds of Britain leaving the European Union (EU) …

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December 31, 2015in Investment Letters0by YCG Team

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2015 Q4 - Investment Letter (Richemont)

The S&P 500 index finished 2015 on a strong note with a 7.04% gain in the fourth quarter.[1] This late surge enabled the index to eke out a positive 1.38% total return for the year, marking the seventh consecutive year of positive returns since the crash of 2008. The year 2016 may put an end …

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